U.S. President Joe Biden cheered jobs numbers released Friday morning showing the bottom unemployment rate in almost 54 years, pointing to the report as one other example that his policies are working.
“The last time the unemployment rate was that low was May 1969,” Biden said, speaking from the White House. “More individuals are coming into the market in search of jobs and getting jobs, a positive sign for the health of the economy going forward.”
The Bureau of Labor Statistics jobs report released Friday found the U.S. unemployment rate fell to three.4%, an almost 54-year low, even higher than the three.6% economists expected. Nonfarm payrolls increased by 517,000 in January, far exceeding the 187,000 market estimate and December’s 260,000 gain.
“We have created 12 million — 12 million — jobs since I took office,” Biden said. “That is the strongest two years of job growth in history by an extended shot.”
The most important gains were within the leisure and hospitality sector, which added 128,000 jobs. Skilled and business services, government and health care all saw significant gains as well. Friday’s jobs report showed the strongest payroll gains since July, a positive sign for the economy entering the brand new yr.
“Whilst the job market reaches historic highs, inflation continues to return down. Inflation has now fallen for six straight months,” Biden said. “As inflation is coming down, take-home pay for staff goes up. Real wages are up and wages for lower-income and middle-income staff have gone up much more.”
Average hourly earnings increased 0.3%, consistent with the estimate, and 4.4% from a yr ago, 0.1 percentage point higher than expectations.
The report is welcome news for the White House before Biden’s State of the Union address Tuesday where he looks to take a victory lap for his handling of the economy and urge members of Congress to remain the course. Now in a divided government with the House of Representatives in Republican control and the parties set to have a showdown over lifting the debt ceiling, Biden must prove that message.
“Put simply, I might argue the Biden economic plan is working. For the past two years we have heard a chorus of critics write off my economic plan,” Biden said. “Today’s data makes crystal clear what I’ve at all times known in my gut: These critics and cynics are fallacious.”
